Wave vs Wise
Wave
wave.com
Wise
wise.comSide by side
| Figure | Wave | Wise |
|---|---|---|
| Price from | — | Free |
| Free plan | — | Yes |
| Free trial | — | — |
| Open source | — | — |
| Web | — | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| Plans published | 1 | 1 |
| Spec score · Money Transfer Apps | 7.0 (#77) | 8.9 (#5) |
| Founded | 2017 | 2011 |
| Identity verification | The Gambia terms say customers must provide valid identity documents and Wave agent assistance is used for account identity verification. | Photo ID may be required for some currencies or large transfers. |
| Mobile platforms | both | The Wise app is available for iOS through the Apple App Store and for Android through Google Play. |
| Regulatory status | Wave Digital Finance says it received an electronic money issuer license from BCEAO on April 14, 2022. | Wise says it is licensed in most states and regulated by authorities worldwide. |
| Transfer speed | instant | On many popular routes, transfers can arrive within one day, the same day, or instantly. |
| Transfer tracking | Yes | The app shows the list and current status of transfers users have set up. |
Plans
In their own words
Wise
Wise is a money app for sending money, receiving payments from abroad, checking exchange rates, paying bills, and sending money to loved ones. It sends to bank accounts in over 140 countries; delivery on many popular routes is within a day, the same day, or instant. Wise says it uses the mid-market exchange rate and displays fees before payment. Signing up is free, with no subscription; sending and conversion fees vary by currency and start from 0.33%. Sending to another Wise account has no sending fee, though conversion fees may still apply. Transfers can be funded with Apple Pay, Google Pay, cards, or bank transfer. Users can track and schedule transfers, repeat previous transfers, and receive live exchange-rate notifications. Wise says it safeguards customer money separately from its own and uses two-factor authentication to protect accounts and transactions. Photo ID may be required for some currencies or large transfers. The app is available on Android, iOS, and web.